Wells Fargo Raises S&P 500 Target Amid US-Iran Deal Progress

Wells Fargo Securities has lifted its S&P 500 year-end target, citing easing macro concerns, improved market sentiment, and largely priced-in rate hike expectations. The upgrade coincides with progress toward a US-Iran diplomatic agreement, adding a geopolitical tailwind to equity optimism. Risk-sensitive currencies like AUD and CAD could strengthen against safe havens JPY and CHF as equity sentiment improves. USD pairs warrant close attention — a softer rate-hike outlook combined with risk-on flows may pressure the dollar, with EUR/USD and USD/JPY the key pairs to watch.